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$50,000 forex cap for foreign visitors during Olympics

(Xinhua)
Updated: 2008-07-03 17:37

Overseas tourists who come to China during the Olympics next month will reportedly be able to exchange no more than the equivalent of $50,000 at Chinese banks.

Thursday's edition of the Shanghai Securities News quoted the State Administration of Foreign Exchange (SAFE) as saying that the limit will remain in effect until a month after the conclusion of the Special Olympic Games for the disabled (Paralympics) in September.

The limit is the same as that applied to Chinese citizens for a full year.

SAFE said relevant banks in Beijing and other host cities -- Shanghai, Tianjin, Shenyang, Qingdao and Qinhuangdao -- have been informed of the regulation so they can provide foreign exchange services for overseas individuals from July 8 to October 17.

Foreign tourists can change Renminbi into foreign currencies by showing identification at the designated banks, if the amount is no more than the equivalent of $50,000. For amounts above that, they will need to provide documentation, such as tax receipts or an original exchange memo, SAFE reportedly said.

These steps were being taken to strengthen monitoring of foreign exchange activities. It added: "Banks and overseas tourists should not avoid the quota management by splitting the exchange amount or using fake documents and receipts."